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SL Green Buys Loan on 510 Madison

NEW YORK CITY-The REIT has acquired the first mortgage loan on Macklowe Properties' 30-story office tower, which is still under development.

By Paul Bubny | Updated on December 10, 2009

NEW YORK CITY-SL Green Realty Corp. has acquired the first mortgage loan on Macklowe Properties’ 510 Madison Ave. from Union Labor Life Insurance Co. The amount of the loan was not disclosed; citing an unnamed source, Crain’s reported it as $185 million.

The Macklowe organization, which has been developing the 30-story, 345,000-square-foot boutique office tower since 2007, earlier this year lost 1330 Ave. of the Americas in a foreclosure sale. Last year, Macklowe returned its seven-building Equity Office Properties portfolio to Deutsche Bank after missing payments; the office towers were sold to Boston Properties and others.

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